Beijing (Web Desk): Imagine your net worth increasing by $2 billion a day. That’s what happened when China’s largest parcel delivery company, S.F. Express, made its stock exchange debut and turned founder Wang Wei into the country’s third-richest man, Bloomberg reported.
It’s a stark reversal for a company that got its start in what Wang has called the sneaky business of "black delivery," back in the ’90s when only China’s post office was allowed to handle packages. The courier company he created navigated the shadows of the border between China and Hong Kong for 16 years until the government gave its sanction.
Last week’s official launch of S.F. Express’s so-called backdoor listing on the Shenzhen Stock Exchange, approved in December and pushed through rapidly with government support, helped produce a 59 percent surge in shares of parent S.F. Holding Co., giving Wang a net worth $26.5 billion on the Bloomberg Billionaires Index.